lawyers manhattan : Focus On Bancruptcy

2007-08-14 11:07:44

( Legal )



Looking for lawyers manhattan ,lawyers nyc or new york lawyers who focus on bankruptcy?

You can find many lawyers manhattan who can help you. But before finding lawyers manhattan to help you with bankruptcy – find out a little for yourself about bankruptcy. It will make the process simpler.

Do I have an alternative to filing bankruptcy?
If your problems are temporary you can ask your creditors if they will accept lower payments or whether they will grant you an extended payment schedule. Your creditor may be receptive if you have paid promptly in the past of if they don’t want the hassle of a bankruptcy proceeding.

Ask a consumer credit counselor to help you with a repayment plan. Some are non-profit. But avoid those asking for fees because they tend to be unscrupulous.

Chapter 13 – does it eliminate all debts?
Chapter 13 only discharges debts provided for in the plan. Outstanding debt not in the plan can’t be discharged. Chapter 13 discharge won’t affect:
• Outstanding debt
• Educational loans
• Civil restitution
• Drunk driving liabilities
• Domestic support obligations
• Malicious or willful acts causing personal injury
• Certain long-term obligations which extend beyond the duration of the plan (home mortgages, late filed / un-filed tax returns, withholding taxes, willful or fraudulent tax evasion and fraud – incurred debt).

Chapter 7 bankruptcy
This does not eliminate debts which are not listed at the beginning of the case – like for example:
• Student loans (unless repayment is difficult)
• Child support
• Alimony
• Recent federal, state, local taxes
• Fines
• Penalties
• Drunken driving debts
• Debtors fraud
• Government-imposed restitution.

Additional debts are also open to debate under the law.

Student Loans – does bankruptcy discharge these?
Educational loans can’t generally be discharged. But the court can decide to discharge them if paying them imposes undue hardship. A hardship can be seen to exist if:
• The debtor won’t managed to maintain a minimum living standard
• Dire financial circumstances will exist for most of the repayment period
• A good faith effort was made to repay the loan before bankruptcy.

Alimony and Child Support – are they discharged?
Depending on the circumstances you can get some relief from these obligations. However neither Chapter 7 nor 13 bankruptcy discharges these obligations.

Can I lose my home by filing bankruptcy?
If you are a Chapter 7 debtor you might lose your home if you are behind on mortgage payments. This all depends on how much equity you have in the property and how much the state home exemption is. In Chapter 13 even if you are behind in payments and your plan includes paying missed payments as well as payments currently due, you shouldn’t lose your home.


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